By Ovunc Kutlu
ISTANBUL (AA) – US households' total net worth fell to $151 trillion in the third quarter, a Federal Reserve report revealed on Thursday.
The amount is a 0.85% decline from $152.3 trillion in the second quarter of this year, the Fed figures showed.
Annually, however, households' total net worth is a 5.7% increase from $142.8 trillion recorded in the third quarter of last year.
"The value of directly and indirectly held corporate equities decreased $1.7 trillion and the value of real estate increased $0.5 trillion," said the report.
At the end of the third quarter, domestic nonfinancial debt outstanding was $73 trillion, of which household debt was $19.8 trillion, while non-financial business debt was $21.2 trillion, and total government debt was $32 trillion, according to the report.
"Domestic nonfinancial debt expanded 5.2 percent at an annual rate in the third quarter of 2023, down from an annual rate of 6.3 percent in the previous quarter," the report said.
"Household debt increased 2.5 percent at an annual rate in the third quarter of 2023. Consumer credit grew at an annual rate of 1.1 percent, while mortgage debt grew at an annual rate of 2.5 percent," it added.